GBPUSD Weekly Analysis – February 18, 2018

GBPUSD failed to break below the support of the bullish trend line on the daily chart and rebounded from 1.3764, indicating that the pair remains in the uptrend from 1.3027. As long as the trend line support holds, the fall from 1.4345 could be treated as consolidation of the uptrend and another rise towards 1.4500 is still possible after the consolidation. Near term resistance is at 1.4345, a breakout of this level could signal resumption of the uptrend. On the downside, a clear break below the trend line support would suggest the uptrend had completed at 1.4345 already, then the pair would find next support level at 1.3301.

GBPUSD daily chart